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<SEC-DOCUMENT>0000950144-02-007847.txt : 20020802
<SEC-HEADER>0000950144-02-007847.hdr.sgml : 20020802
<ACCEPTANCE-DATETIME>20020802121755
ACCESSION NUMBER:		0000950144-02-007847
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20020802
EFFECTIVENESS DATE:		20020802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC AMERICAN CORP
		CENTRAL INDEX KEY:			0000008177
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				581027114
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-97567
		FILM NUMBER:		02718073

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE RD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		4042665500

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>g77517sv8.htm
<DESCRIPTION>ATLANTIC AMERICAN CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>ATLANTIC AMERICAN CORPORATION</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on August&nbsp;2, 2002</FONT>

<div align="right"><FONT size="2">Registration No.&nbsp;333-__________</FONT></div>

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<HR size="1" noshade color="#000000" style="margin-top: -10px">

<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D.C. 20549</FONT>

<P align="center"><FONT size="2"><B>FORM S-8<BR>
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT>

<p>
<div align="center"><hr size="1" noshade width="26%"></div>

<P align="center"><FONT size="2"><B>ATLANTIC AMERICAN CORPORATION</B><BR>
(Exact Name of Registrant as Specified in its Charter)</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2"><B>Georgia</B><BR>
(State of Incorporation)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>58-1027114</B><BR>
(I.R.S. Employer Identification Number)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<p>
<div align="center"><hr size="1" noshade width="26%"></div>

<P align="center"><FONT size="2">ATLANTIC AMERICAN CORPORATION<BR>
2002 INCENTIVE PLAN</FONT>

<p>
<div align="center"><hr size="1" noshade width="26%"></div>

<P align="center"><FONT size="2"><B>Hilton H. Howell, Jr.,<BR>
President and Chief Executive Officer<BR>
Atlantic American Corporation<BR>
4370 Peachtree Road, N.E.<BR>
Atlanta, GA 30319</B><BR>
(Name and Address of Agent for Service)<BR>
<B>(404)&nbsp;266-5500</B><BR>
(Telephone Number, including area code, of Agent for Service)</FONT>

<p>
<div align="center"><hr size="1" noshade width="26%"></div>

<P align="center"><FONT size="2">Copy to:</FONT>

<P align="center"><FONT size="2"><B>Mark L. Hanson, Esq.<BR>
Jones, Day, Reavis &#038; Pogue<BR>
3500 SunTrust Plaza<BR>
303 Peachtree Street, N.E.<BR>
Atlanta, GA 30308-3242<BR>
(404)&nbsp;521-3939</B></FONT>

<p>
<div align="center"><hr size="1" noshade width="26%"></div>

<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B></FONT>

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<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Title of securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>offering price per</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>aggregate offering</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>to be registered (1)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>registered</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>share (2)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>price (2)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>registration fee (2)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock $1.00
par value</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,000,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2.20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">4,400,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">405.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In addition, pursuant to Rule&nbsp;416(c) under the Securities Act of 1933,
this registration statement also covers an indeterminate amount of
interests to be offered or sold pursuant to the incentive plan described
herein.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In accordance with Rule&nbsp;457(c) and (h)&nbsp;under the Securities Act of 1933,
the maximum aggregate offering price and registration fee have been
computed as follows: (a)&nbsp;the price per share of the Common Stock of
Atlantic American Corporation has been based on the closing price reported
for the Common Stock on the Nasdaq National Market on July&nbsp;31, 2002 (a
date within 5 business days prior to the date of filing this Registration
Statement) and (b)&nbsp;the registration fee is calculated by multiplying the
product of the proposed maximum offering price per share and the number of
shares to be registered by .000092.</FONT></TD>
</TR>
</TABLE>


<P>
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<HR size="4" noshade color="#000000" style="margin-top: -14px">

<P align="center"><FONT size="2">&nbsp;</FONT>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g77517exv4w1.txt">EX-4.1 2002 INCENTIVE PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="g77517exv5.txt">EX-5 OPINION OF JONES, DAY, REAVIS & POGUE</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P align="center"><FONT size="2"><B>EXPLANATORY NOTE</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Note to Part I of Form&nbsp;S-8, the information specified in
Part I of Form&nbsp;S-8 has been omitted from this Registration Statement on Form
S-8 for offers of Common Stock of Atlantic American Corporation pursuant to the
Atlantic American Corporation 2002 Incentive Plan (the &#147;Plan&#148;).
</FONT>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>PART II</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are incorporated by reference in this
Registration Statement:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">the Registrant&#146;s Annual Report on Form&nbsp;10-K for
the fiscal year ended December&nbsp;31, 2001;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q
for the period ended March&nbsp;31, 2002;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">all other reports filed with the Securities and
Exchange Commission pursuant to Section&nbsp;13(e) or 15(d) of the
Securities and Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;) since March&nbsp;31, 2002; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">the description of the Registrant&#146;s Common Stock,
$1.00 par value (the &#147;Common Stock&#148;) contained in the
Registrant&#146;s Registration Statement filed pursuant to Section
12 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), and any amendment or report filed for the
purpose of updating such description.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to
Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the
filing of a post-effective amendment which indicates that all shares
offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed incorporated by reference in this Registration
Statement and to be part hereof from the date of filing such documents.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;Description of Securities.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel</B>.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;9 of the Bylaws of the Registrant provides that the Registrant
shall indemnify any of its directors, officers, employees or agents, or any
person serving at the Registrant&#146;s request as a director, officer, employee or
agent of another corporation or organization, against loss or expense if it
shall have been determined that the person indemnified acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best
interests of the Registrant and, with respect to any criminal action or
proceeding, had no reasonable cause to believe that his conduct was unlawful,
except that in proceedings to obtain a judgment in favor of the Registrant,
indemnification would be limited to expenses incurred in defense or settlement,
and, in the case of adjudicated negligence or misconduct, only if and to the
extent approved by the court. Such indemnification obligation is not to be deemed
exclusive of any other right, in respect of indemnification
or otherwise, to which any party may be entitled under any other Bylaw
provision or resolution approved by the shareholders.
</FONT>
<P align="center"><FONT size="2">II-1</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Restated Articles of Incorporation, as amended (the
&#147;Articles&#148;), contain provisions that provide that no director of the Registrant
shall be personally liable to the Registrant or its shareholders for monetary
damages for breach of fiduciary duty as a director, except for liability (i)
for any appropriation, in violation of his duties, of any business opportunity
of the Registrant, (ii)&nbsp;for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii)&nbsp;for the
types of liability set forth in Section&nbsp;14-2-154 of the Georgia Business
Corporation Code, as amended, or (iv)&nbsp;for any transaction from which the
director derived an improper personal benefit.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has obtained directors&#146; and officers&#146; liability and
corporation reimbursement insurance. The insurance reimburses (a)&nbsp;directors
and officers for certain losses arising from claims made against them in their
capacities as such, or (b)&nbsp;the Company for amounts paid where the Registrant is
required or permitted to indemnify directors and officers for such losses.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed</B>.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp;Exhibits.</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Atlantic American Corporation 2002 Incentive Plan.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Jones, Day, Reavis &#038; Pogue regarding legality of
the Common Stock being registered.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Arthur Andersen LLP.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Jones, Day, Reavis &#038; Pogue (included in Exhibit&nbsp;5)</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">24.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Power of Attorney (included in signature pages)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*As permitted by Rule&nbsp;437a of the Securities Act of 1933, as amended, the
Registrant has omitted the written consent of Arthur Andersen LLP (which
audited and issued a report on the Registrant&#146;s financial statements as of
December&nbsp;31, 2001 and 2000, and for each of the three years in the period ended
December&nbsp;31, 2001) that is otherwise required to be filed by Section&nbsp;7 of the
Securities Act. The Registrant made reasonable efforts to obtain a written
consent from Arthur Andersen LLP in connection with this Registration
Statement, but such efforts were unsuccessful. As a result of the foregoing,
investors may be unable to recover against Arthur Andersen LLP under Section&nbsp;11
of the Securities Act for any untrue statement of material fact contained in
the financial statements of the Registrant audited by Arthur Andersen LLP that
are included in the Annual Report on Form&nbsp;10-K filed for the year ended
December&nbsp;31, 2001, for any omissions to state a material fact required to be
stated therein, which financial statements are incorporated in this
Registration Statement by reference.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp;Undertakings</B>.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;To file, during any period in which offers or
sales are being made, a post-effective amendment to this
registration statement:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;to include any prospectus required by Section
10(a)(3) of the Securities Act;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">II-2</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events
arising after the effective date of the registration
statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the
registration statement;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;to include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2"><u>provided</u>, <u>however</u>, that sub-paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the registration statement is on Form&nbsp;S-3 or Form&nbsp;S-8,
and the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of
the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="4%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="92%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(2)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">That, for the purpose of determining any
liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(3)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">To remove from registration by means of a
post-effective amendment any of the securities being
registered which remain unsold at the termination of the
offering.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="95%"><FONT size="2">The undersigned Registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act or
1933, each filing of the Registrant&#146;s annual report pursuant to
Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="95%"><FONT size="2">Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">II-3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Atlanta, State of Georgia, on August&nbsp;2, 2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" colspan="3"><FONT size="2">ATLANTIC AMERICAN CORPORATION</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">By:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">/s/ Hilton H. Howell, Jr.</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Hilton H. Howell, Jr.<br>
President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">POWER OF ATTORNEY</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints, Hilton H. Howell, Jr. and J. Mack Robinson,
jointly and severally, each in his own capacity, his true and lawful
attorneys-in-fact and agents, each with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all
capacities, to sign any and all amendments to this Registration Statement, and
to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite or necessary to be done in
and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that each of said
attorneys-in-fact and agents, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ J. Mack Robinson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Date:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">J. Mack Robinson<br>
Chairman and Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Hilton H. Howell, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Hilton H. Howell, Jr.<br>
President, Chief Executive Officer and Director
(Principal Executive Officer)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ John G. Sample, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">John G. Sample, Jr.<br>
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Edward E. Elson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Edward E. Elson<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-4</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Harold K. Fischer</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Harold K. Fischer<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Samuel E. Hudgins</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Samuel E. Hudgins<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ D. Raymond Riddle</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">D. Raymond Riddle<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Harriet J. Robinson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Harriet J. Robinson<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Scott G. Thompson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Scott G. Thompson<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Mark C. West</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Mark C. West<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ William H. Whaley</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">William H. Whaley<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Dom H. Wyant</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">August&nbsp;2, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Dom H. Wyant<br>
Director</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B></FONT>

<P align="left"><FONT size="2">Exhibits</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Atlantic American Corporation 2002 Incentive Plan.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Jones, Day, Reavis &#038; Pogue regarding legality of
the Common Stock being registered.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Arthur Andersen LLP.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Jones, Day, Reavis &#038; Pogue (included in Exhibit&nbsp;5)</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Power of Attorney (included in signature pages)</FONT></TD>
</TR>
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<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Omitted in accordance with Rule&nbsp;437a, as described in the Registration
Statement.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">II-6</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>g77517exv4w1.txt
<DESCRIPTION>EX-4.1 2002 INCENTIVE PLAN
<TEXT>
<PAGE>
                                                                    EXHIBIT 4.1


                         ATLANTIC AMERICAN CORPORATION

                              2002 INCENTIVE PLAN


1.       PURPOSE. The purpose of the 2002 Incentive Plan (this "Plan") is to
         attract and retain directors, officers and key employees for Atlantic
         American Corporation (the "Corporation") and its Subsidiaries and to
         provide to such persons incentives and rewards for superior
         performance.

2.       DEFINITIONS. As used in this Plan,

                  "Annual Meeting" means the annual meeting of shareholders of
the Corporation.

                  "Appreciation Right" means a right granted pursuant to
Section 5 of this Plan.

                  "Board" means the Board of Directors of the Corporation and,
to the extent of any delegation by the Board to a committee (or subcommittee
thereof) pursuant to Section 16 of this Plan, such committee (or subcommittee
thereof).

                  "Code" means the Internal Revenue Code of 1986, as amended
from time to time.

                  "Common Shares" means shares of common stock, $1.00 par value
per share, of the Corporation or any security into which such Common Shares may
be changed by reason of any transaction or event of the type referred to in
Section 11 of this Plan.

                  "Covered Employee" means a Participant who is, or is
determined by the Board to be likely to become, a "covered employee" within the
meaning of Section 162(m) of the Code (or any successor provision).

                  "Date of Grant" means the date specified by the Board on
which a grant of Option Rights, Appreciation Rights, Performance Shares or
Performance Units or a grant or sale of Restricted Shares or Deferred Shares
shall become effective (which date shall not be earlier than the date on which
the Board takes action with respect thereto) and shall also include the date on
which a grant of Option Rights to a Non-Employee Director becomes effective
pursuant to Section 9 of this Plan.

                  "Deferral Period" means the period of time during which
Deferred Shares are subject to deferral limitations under Section 7 of this
Plan.

                  "Deferred Shares" means an award made pursuant to Section 7
of this Plan of the right to receive Common Shares at the end of a specified
Deferral Period.

                  "Designated Subsidiary" means a Subsidiary that is (i) not a
corporation or (ii) a corporation in which at the time the Corporation owns or
controls, directly or indirectly, less than 80 percent of the total combined
voting power represented by all classes of stock issued by such corporation.

                  "Detrimental Activity" means:

         (i)      Engaging in any activity that competes, directly or
                  indirectly, as an employee, principal, agent, or consultant
                  for another entity in any activity that competes with the
                  Corporation in any actual, researched, or prospective
                  product, service, system, or business activity for which the
                  Participant has had any direct or indirect responsibility
                  during the last five years of his or her employment with the
                  Corporation or Subsidiary, in any territory in which the
                  Corporation or a Subsidiary manufactures, sells, markets,
                  services, or installs such product, service, system, or
                  business activity.

         (ii)     Soliciting any employee of the Corporation or a Subsidiary to
                  terminate his or her employment with the Corporation or a
                  Subsidiary.


<PAGE>


         (iii)    The disclosure to anyone outside the Corporation or a
                  Subsidiary, or the use in other than the Corporation or a
                  Subsidiary's business, without prior written authorization
                  from the Corporation, of any confidential, proprietary or
                  trade secret information or material relating to the business
                  of the Corporation and its Subsidiaries, acquired by the
                  Participant either during or after employment with the
                  Corporation or its Subsidiaries or while acting as a
                  consultant for the Corporation or its Subsidiaries
                  thereafter.

         (iv)     The failure or refusal to disclose promptly and to assign to
                  the Corporation upon request all right, title and interest in
                  any invention or idea, patentable or not, made or conceived
                  by the Participant during employment by the Corporation and
                  any Subsidiary, relating in any manner to the actual or
                  anticipated business , research or development work of the
                  Corporation or any Subsidiary or the failure or refusal to do
                  anything reasonably necessary to enable the Corporation or
                  any Subsidiary to secure a patent where appropriate in the
                  United States and in other countries.

         (v)      Activity that results in Termination for Cause.

         (vi)     Any other conduct or act determined to be injurious,
                  detrimental or prejudicial to any significant interest of the
                  Corporation or any Subsidiary unless the Participant acted in
                  good faith and in a manner he or she reasonably believed to
                  be in or not opposed to the best interests of the
                  Corporation.

                  "Evidence of Award" means an agreement, certificate,
resolution or other type of writing or other evidence approved by the Board
which sets forth the terms and conditions of the Option Rights, Appreciation
Rights, Performance Units, Performance Shares, Restricted Shares, Deferred
Shares or other awards. An Evidence of Award may be in an electronic medium,
may be limited to a notation on the books and records of the Corporation and,
with the approval of the Board, need not be signed by a representative of the
Corporation or a Participant.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder, as such law, rules and
regulations may be amended from time to time.

                  "Incentive Stock Options" means Option Rights that are
intended to qualify as "incentive stock options" under Section 422 of the Code
or any successor provision.

                  "Management Objectives" means the measurable performance
objective or objectives established pursuant to this Plan for Participants who
have received grants of Performance Shares or Performance Units or, when so
determined by the Board, Option Rights, Appreciation Rights, Restricted Shares
and dividend credits pursuant to this Plan. Management Objectives may be
described in terms of Corporation-wide objectives or objectives that are
related to the performance of the individual Participant or of the Subsidiary,
division, department, region or function within the Corporation or Subsidiary
in which the Participant is employed. The Management Objectives may be made
relative to the performance of other corporations. The Management Objectives
applicable to any award to a Covered Employee shall be based on specified
levels of or growth in one or more of the following criteria:

                  1.       earnings;

                  2.       earnings per share (earnings per share will be
                           calculated without regard to any change in
                           accounting standards that may be required by the
                           Financial Accounting Standards Board after the goal
                           is established);

                  3.       share price;

                  4.       total shareholder return;

                  5.       return on invested capital, equity, or assets;

                  6.       operating earnings;

                  7.       sales growth;

                  8.       productivity improvement;

                  If the Board determines that a change in the business,
operations, corporate structure or capital structure of the Corporation, or the
manner in which it conducts its business, or other events or circumstances
render the Management Objectives unsuitable, the Board may in its discretion
modify such Management Objectives or the


                                       2
<PAGE>


related minimum acceptable level of achievement, in whole or in part, as the
Board deems appropriate and equitable, except in the case of a Covered Employee
where such action would result in the loss of the otherwise available exemption
under Section 162(m) of the Code. In such case, the Board shall not make any
modification of the Management Objectives or minimum acceptable level of
achievement.

                  "Market Value per Share" means, as of any particular date,
the fair market value of the Common Shares as determined by the Board.

                  "Non-Employee Director" means a director of the Corporation
who is not an employee of the Corporation or any Subsidiary.

                  "Optionee" means the optionee named in an Evidence of Award
evidencing an outstanding Option Right.

                  "Option Price" means the purchase price payable on exercise
of an Option Right.

                  "Option Right" means the right to purchase Common Shares upon
exercise of an option granted pursuant to Section 4 or Section 9 of this Plan.

                  "Participant" means a person who is selected by the Board to
receive benefits under this Plan and who is at the time an officer, or other
key employee of the Corporation or any one or more of its Subsidiaries, or who
has agreed to commence serving in any of such capacities within 90 days of the
Date of Grant and shall also include each Non-Employee Director who receives an
award of Option Rights pursuant to Section 9 of this Plan; provided, however,
that for purposes of Sections 4, 5, 7 and 8 of this Plan, Participant shall not
include such Non-Employee Director.

                  "Performance Period" means, in respect of a Performance Share
or Performance Unit, a period of time established pursuant to Section 8 of this
Plan within which the Management Objectives relating to such Performance Share
or Performance Unit are to be achieved.

                  "Performance Share" means a bookkeeping entry that records
the equivalent of one Common Share awarded pursuant to Section 8 of this Plan.

                  "Performance Unit" means a bookkeeping entry that records a
unit equivalent to $1.00 awarded pursuant to Section 8 of this Plan.

                  "Reload Option Rights" means additional Option Rights granted
automatically to an Optionee upon the exercise of Option Rights pursuant to
Section 4(f) or Section 9(a)(viii) of this Plan.

                  "Restricted Shares" means Common Shares granted or sold
pursuant to Section 6 or Section 9 of this Plan as to which neither the
substantial risk of forfeiture nor the prohibition on transfers referred to in
such Section 6 has expired.

                  "Rule l6b-3" means Rule 16b-3 of the Securities and Exchange
Commission (or any successor rule to the same effect) as in effect from time to
time.

                  "Securities Act" means the Securities Act of 1933, as
amended, and the rules and regulations thereunder, as such law, rules and
regulations may be amended from time to time.

                  "Spread" means the excess of the Market Value per Share of
the Common Shares on the date when an Appreciation Right is exercised, or on
the date when Option Rights are surrendered in payment of the Option Price of
other Option Rights, over the Option Price provided for in the related Option
Right.

                  "Subsidiary" means a corporation, company or other entity (i)
more than 50 percent of whose outstanding shares or securities (representing
the right to vote for the election of directors or other managing authority)
are, or (ii) which does not have outstanding shares or securities (as may be
the case in a partnership, joint venture or unincorporated association), but
more than 50 percent of whose ownership interest representing the right
generally to make decisions for such other entity is, now or hereafter, owned
or controlled, directly or indirectly, by the Corporation except that for
purposes of determining whether any person may be a Participant for purposes of
any grant of Incentive Stock Options, "Subsidiary" means any corporation in
which at the time the Corporation owns or controls, directly or indirectly,
more than 50 percent of the total combined voting power represented by all
classes of stock issued by such corporation.


                                       3
<PAGE>


                  "Termination for Cause" means a termination:

         (i)      due to the Participant's willful and continuous gross neglect
                  of his or her duties for which he or she is employed, or

         (ii)     due to an act of dishonesty on the part of the Participant
                  constituting a felony resulting or intended to result, direct
                  or indirectly, in his or her gain for personal enrichment at
                  the expense of the Corporation or a Subsidiary.

3.       SHARES AVAILABLE UNDER THE PLAN. (a) Subject to adjustment as provided
         in Section 11 of this Plan, the number of Common Shares that may be
         issued or transferred (i) upon the exercise of Option Rights or
         Appreciation Rights, (ii) as Restricted Shares and released from
         substantial risks of forfeiture thereof, (iii) as Deferred Shares,
         (iv) in payment of Performance Shares or Performance Units that have
         been earned, (v) as awards to Non-Employee Directors or (vi) in
         payment of dividend equivalents paid with respect to awards made under
         the Plan shall not exceed in the aggregate 2,000,000 shares plus any
         shares relating to awards that expire or are forfeited or cancelled.
         Such shares may be shares of original issuance or treasury shares or a
         combination of the foregoing. Upon the payment of any Option Price by
         the transfer to the Corporation of Common Shares or upon satisfaction
         of any withholding amount by means of transfer or relinquishment of
         Common Shares, there shall be deemed to have been issued or
         transferred under this Plan only the net number of Common Shares
         actually issued or transferred by the Corporation.

         (b)      Notwithstanding anything in this Section 3, or elsewhere in
                  this Plan, to the contrary, the aggregate number of Common
                  Shares actually issued or transferred by the Corporation upon
                  the exercise of Incentive Stock Options shall not exceed
                  2,000,000 shares. Further, no Participant shall be granted
                  Option Rights for more than 300,000 Common Shares during any
                  calendar year, subject to adjustments as provided in Section
                  11 of this Plan.

         (c)      Upon payment in cash of the benefit provided by any award
                  granted under this Plan, any shares that were covered by that
                  award shall again be available for issue or transfer
                  hereunder.

         (d)      Notwithstanding any other provision of this Plan to the
                  contrary, in no event shall any Participant in any calendar
                  year receive more than 300,000 Appreciation Rights, subject
                  to adjustments as provided in Section 11 of this plan.

         (e)      Notwithstanding any other provision of this Plan to the
                  contrary, in no event shall any Participant in any calendar
                  year receive more than 100,000 Restricted Shares or 100,000
                  Deferred Shares, subject to adjustments as provided in
                  Section 11 of this Plan.

         (f)      Notwithstanding any other provision of this Plan to the
                  contrary, in no event shall any Participant in any calendar
                  year receive an award of Performance Shares or Performance
                  Units having an aggregate maximum value as of their
                  respective Dates of Grant in excess of $500,000.

4.       OPTION RIGHTS. The Board may, from time to time and upon such terms
         and conditions as it may determine, authorize the granting to
         Participants of options to purchase Common Shares. Each such grant may
         utilize any or all of the authorizations, and shall be subject to all
         of the requirements, contained in the following provisions:

         (a)      Each grant shall specify the number of Common Shares to which
                  it pertains subject to the limitations set forth in Section 3
                  of this plan.

         (b)      Each grant shall specify an Option Price per share, which may
                  be less than the Market Value per Share on the Date of Grant,
                  except that the Option Price per share for any Incentive
                  Stock Option shall not be less than 100 percent of the Market
                  Value per Share on the Date of Grant.

         (c)      Each grant shall specify whether the Option Price shall be
                  payable (i) in cash or by check acceptable to the
                  Corporation, (ii) by the actual or constructive transfer to
                  the Corporation of nonforfeitable, unrestricted Common Shares
                  owned by the Optionee (or other


                                       4
<PAGE>


                  consideration authorized pursuant to subsection (d) below)
                  having a value at the time of exercise equal to the total
                  Option Price, or (iii) by a combination of such methods of
                  payment.

         (d)      The Board may determine, at or after the Date of Grant, that
                  payment of the Option Price of any option (other than an
                  Incentive Stock Option) may also be made in whole or in part
                  in the form of Restricted Shares or other Common Shares that
                  are forfeitable or subject to restrictions on transfer,
                  Deferred Shares, Performance Shares (based, in each case, on
                  the Market Value per Share on the date of exercise), other
                  Option Rights (based on the Spread on the date of exercise)
                  or Performance Units. Unless otherwise determined by the
                  Board at or after the Date of Grant, whenever any Option
                  Price is paid in whole or in part by means of any of the
                  forms of consideration specified in this paragraph, the
                  Common Shares received upon the exercise of the Option Rights
                  shall be subject to such risks of forfeiture or restrictions
                  on transfer as may correspond to any that apply to the
                  consideration surrendered, but only to the extent of (i) the
                  number of shares or Performance Shares, (ii) the Spread of
                  any unexercisable portion of Option Rights, or (iii) the
                  stated value of Performance Units surrendered.

         (e)      Any grant may provide for deferred payment of the Option
                  Price from the proceeds of sale through a bank or broker on a
                  date satisfactory to the Corporation of some or all of the
                  shares to which such exercise relates.

         (f)      Any grant may, at or after the Date of Grant, provide for the
                  automatic grant of Reload Option Rights to an Optionee upon
                  the exercise of Option Rights (including Reload Option
                  Rights) using Common Shares or other consideration specified
                  in paragraph (d) above. Reload Option Rights shall cover up
                  to the number of Common Shares, Deferred Shares, Option
                  Rights or Performance Shares (or the number of Common Shares
                  having a value equal to the value of any Performance Units)
                  surrendered to the Corporation upon any such exercise in
                  payment of the Option Price or to meet any withholding
                  obligations. Reload Options may have an Option Price that is
                  no less than that which represents the same percentage of the
                  Market Value per Share at the time of exercise of the Option
                  Rights that the per share Option Price represented of the
                  Market Value per Share at the time the Option Rights being
                  exercised were granted and shall be on such other terms as
                  may be specified by the Directors, which may be the same as
                  or different from those of the original Option Rights.

         (g)      Successive grants may be made to the same Participant whether
                  or not any Option Rights previously granted to such
                  Participant remain unexercised.

         (h)      Each grant shall specify the period or periods of continuous
                  service by the Optionee with the Corporation or any
                  Subsidiary which is necessary before the Option Rights or
                  installments thereof will become exercisable and may provide
                  for the earlier exercise of such Option Rights in the event
                  of a change in control or other similar transaction or event.

         (i)      Any grant of Option Rights may specify Management Objectives
                  that must be achieved as a condition to the exercise of such
                  rights.

         (j)      Option Rights granted under this Plan may be (i) options,
                  including, without limitation, Incentive Stock Options, that
                  are intended to qualify under particular provisions of the
                  Code, (ii) options that are not intended so to qualify, or
                  (iii) combinations of the foregoing.


                                       5
<PAGE>


         (k)      The Board may, at or after the Date of Grant of any Option
                  Rights (other than Incentive Stock Options), provide for the
                  payment of dividend equivalents to the Optionee on either a
                  current or deferred or contingent basis or may provide that
                  such equivalents shall be credited against the Option Price.

         (l)      The exercise of an Option Right shall result in the
                  cancellation on a share-for-share basis of any related
                  Appreciation Right authorized under Section 5 of this Plan.

         (m)      No Option Right shall be exercisable more than 10 years from
                  the Date of Grant.

         (n)      Each grant of Option Rights shall be evidenced by an Evidence
                  of Award, which shall contain such terms and provisions,
                  consistent with this Plan, as the Board may approve.

5.       APPRECIATION RIGHTS. The Board may also authorize the granting to any
         Optionee of Appreciation Rights in respect of Option Rights granted
         hereunder at any time prior to the exercise or termination of such
         related Option Rights; provided, however, that an Appreciation Right
         awarded in relation to an Incentive Stock Option must be granted
         concurrently with such Incentive Stock Option. An Appreciation Right
         shall be a right of the Optionee, exercisable by surrender of the
         related Option Right, to receive from the Corporation an amount
         determined by the Board, which shall be expressed as a percentage of
         the Spread (not exceeding 100 percent) at the time of exercise. Each
         such grant may utilize any or all of the authorizations, and shall be
         subject to all of the requirements, contained in the following
         provisions:

         (a)      Any grant may specify that the amount payable on exercise of
                  an Appreciation Right may be paid by the Corporation in cash,
                  in Common Shares or in any combination thereof and may either
                  grant to the Optionee or retain in the Board the right to
                  elect among those alternatives.

         (b)      Any grant may specify that the amount payable on exercise of
                  an Appreciation Right may not exceed a maximum specified by
                  the Board at the Date of Grant.

         (c)      Any grant may specify waiting periods before exercise and
                  permissible exercise dates or periods and shall provide that
                  no Appreciation Right may be exercised except at a time when
                  the related Option Right is also exercisable and at a time
                  when the Spread is positive.

         (d)      Any grant may specify that such Appreciation Right may be
                  exercised only in the event of a Change in Control or other
                  similar transaction or event.

         (e)      Each grant of Appreciation Rights shall be evidenced by an
                  Evidence of Award that shall describe such Appreciation
                  Rights, identify the related Option Rights, state that such
                  Appreciation Rights are subject to all the terms and
                  conditions of this Plan, and contain such other terms and
                  provisions, consistent with this Plan, as the Board may
                  approve.

         (f)      Any grant of Appreciation Rights may specify Management
                  Objectives that must be achieved as a condition of the
                  exercise of such rights.

6.       RESTRICTED SHARES. The Board may also authorize the grant or sale to
         Participants of Restricted Shares. Each such grant or sale may utilize
         any or all of the authorizations, and shall be subject to all of the
         requirements, contained in the following provisions:

         (a)      Each such grant or sale shall constitute an immediate
                  transfer of the ownership of Common Shares to the Participant
                  in consideration of the performance of services,


                                       6
<PAGE>


                  entitling such Participant to voting, dividend and other
                  ownership rights, but subject to the substantial risk of
                  forfeiture and restrictions on transfer hereinafter referred
                  to.

         (b)      Each such grant or sale may be made without additional
                  consideration or in consideration of a payment by such
                  Participant that is less than Market Value per Share at the
                  Date of Grant.

         (c)      Each such grant or sale shall provide that the Restricted
                  Shares covered by such grant or sale shall be subject to a
                  "substantial risk of forfeiture" within the meaning of
                  Section 83 of the Code for a period of time to be determined
                  by the Board on the Date of Grant, and any grant or sale may
                  provide for the earlier termination of such period in the
                  event of a change in control of the Corporation or other
                  similar transactions or events.

         (d)      Each such grant or sale shall provide that during the period
                  for which such substantial risk of forfeiture is to continue,
                  the transferability of the Restricted Shares shall be
                  prohibited or restricted in the manner and to the extent
                  prescribed by the Board at the Date of Grant (which
                  restrictions may include, without limitation, rights of
                  repurchase or first refusal in the Corporation or provisions
                  subjecting the Restricted Shares to a continuing substantial
                  risk of forfeiture in the hands of any transferee).

         (e)      Any grant of Restricted Shares may specify Management
                  Objectives which, if achieved, will result in termination or
                  early termination of the restrictions applicable to such
                  shares and each grant may specify in respect of such
                  specified Management Objectives, a minimum acceptable level
                  of achievement and shall set forth a formula for determining
                  the number of Restricted Shares on which restrictions will
                  terminate if performance is at or above the minimum level,
                  but falls short of full achievement of the specified
                  Management Objectives.

         (f)      Any such grant or sale of Restricted Shares may require that
                  any or all dividends or other distributions paid thereon
                  during the period of such restrictions be automatically
                  deferred and reinvested in additional Restricted Shares,
                  which may be Subject to the same restrictions as the
                  underlying award.

         (g)      Each grant or sale of Restricted Shares shall be evidenced by
                  an Evidence of Award that shall contain such terms and
                  provisions, consistent with this Plan, as the Board may
                  approve. Unless otherwise directed by the Board, all
                  certificates representing Restricted Shares shall be held in
                  custody by the Corporation until all restrictions thereon
                  shall have lapsed, together with a stock power executed by
                  the Participant in whose name such certificates are
                  registered, endorsed in blank and covering such Shares.

7.       DEFERRED SHARES. The Board may also authorize the granting or sale of
         Deferred Shares to Participants. Each such grant or sale may utilize
         any or all of the authorizations, and shall be subject to all of the
         requirements contained in the following provisions:

         (a)      Each such grant or sale shall constitute the agreement by the
                  Corporation to deliver Common Shares to the Participant in
                  the future in consideration of the performance of services,
                  but subject to the fulfillment of such conditions during the
                  Deferral Period as the Board may specify.

         (b)      Each such grant or sale may be made without additional
                  consideration or in consideration of a payment by such
                  Participant that is less than the Market Value per Share at
                  the Date of Grant.


                                       7
<PAGE>


         (c)      Each such grant or sale shall be subject, except (if the
                  Board shall so determine) in the event of a change in control
                  or other similar transaction or event, to a Deferral Period,
                  as determined by the Board at the Date of Grant.

         (d)      During the Deferral Period, the Participant shall have no
                  right to transfer any rights under his or her award and shall
                  have no rights of ownership in the Deferred Shares and shall
                  have no right to vote them, but the Board may, at or after
                  the Date of Grant, authorize the payment of dividend
                  equivalents on such Shares on either a current or deferred or
                  contingent basis, either in cash or in additional Common
                  Shares.

         (e)      Each grant or sale of Deferred Shares shall be evidenced by
                  an Evidence of Award containing such terms and provisions,
                  consistent with this Plan, as the Board may approve.

8.       PERFORMANCE SHARES AND PERFORMANCE UNITS. The Board may also authorize
         the granting of Performance Shares and Performance Units that will
         become payable to a Participant upon achievement of specified
         Management Objectives. Each such grant may utilize any or all of the
         authorizations, and shall be subject to all of the requirements,
         contained in the following provisions:

         (a)      Each grant shall specify the number of Performance Shares or
                  Performance Units to which it pertains, which number may be
                  subject to adjustment to reflect changes in compensation or
                  other factors; provided, however, that no such adjustment
                  shall be made in the case of a Covered Employee.

         (b)      The Performance Period with respect to each Performance Share
                  or Performance Unit shall be such period of time (not less
                  than 1 year, except in the event of a change in control or
                  other similar transaction or event, if the Board shall so
                  determine) commencing with the Date of Grant (as shall be
                  determined by the Board at the time of grant).

         (c)      Any grant of Performance Shares or Performance Units shall
                  specify Management Objectives which, if achieved, will result
                  in payment or early payment of the award, and each grant may
                  specify in respect of such specified Management Objectives a
                  minimum acceptable level of achievement and shall set forth a
                  formula for determining the number of Performance Shares or
                  Performance Units that will be earned if performance is at or
                  above the minimum level, but falls short of full achievement
                  of the specified Management Objectives. The grant of
                  Performance Shares or Performance Units shall specify that,
                  before the Performance Shares or Performance Units shall be
                  earned and paid, the Board must certify that the Management
                  Objectives have been satisfied.

         (d)      Each grant shall specify a minimum acceptable level of
                  achievement in respect of the specified Management Objectives
                  below which no payment will be made and shall set forth a
                  formula for determining the amount of payment to be made if
                  performance is at or above such minimum but short of full
                  achievement of the Management Objectives.

         (e)      Each grant shall specify the time and manner of payment of
                  Performance Shares or Performance Units which have been
                  earned. Any grant may specify that the amount payable with
                  respect thereto may be paid by the Corporation in cash, in
                  Common Shares or in any combination thereof and may either
                  grant to the Participant or retain in the Board the right to
                  elect among those alternatives.

         (f)      Any grant of Performance Shares may specify that the amount
                  payable with respect thereto may not exceed a maximum
                  specified by the Board at the Date of Grant. Any grant of
                  Performance Units may specify that the amount payable or the
                  number of


                                       8
<PAGE>


                  Common Shares issued with respect thereto may not exceed
                  maximums specified by the Board at the Date of Grant.

         (g)      The Board may, at or after the Date of Grant of Performance
                  Shares, provide for the payment of dividend equivalents to
                  the holder thereof on either a current or deferred or
                  contingent basis, either in cash or in additional Common
                  Shares.

         (h)      Each grant of Performance Shares or Performance Units shall
                  be evidenced by an Evidence of Award containing such other
                  terms and provisions, consistent with this Plan, as the Board
                  may approve.

9.       AWARDS TO NON-EMPLOYEE DIRECTORS. The Board may, from time to time and
         upon such terms and conditions as it may determine, authorize the
         granting to Non-Employee Directors of options to purchase Common
         Shares and may also authorize the grant or sale of Restricted Shares
         to Non-Employee Directors

         (a)      Each grant of Option Rights awarded pursuant to this Section
                  9 shall be evidenced by an Evidence of Award in such form as
                  shall be approved by the Board, and shall be subject to the
                  following additional terms and conditions:

                  (i)      Each grant shall specify the number of Common Shares
                           to which it pertains subject to the limitations set
                           forth in Section 3 of this plan.

                  (ii)     Each grant shall specify an Option Price per share,
                           which may not be less than the Market Value per
                           Share on the Date of Grant.

                  (iii)    Each such Option Right shall be exercisable to the
                           extent of 100% of the Common Shares subject thereto
                           commencing six months after the Date of Grant,
                           provided, that the Optionee has continuously
                           remained as a director through such date, provided
                           further, however, that any Option Right will be
                           exercisable in full upon the Optionee's death or
                           disability. Each such Option Right granted under the
                           Plan shall expire 5 years from the Date of Grant and
                           shall be subject to earlier termination as
                           hereinafter provided.

                  (iv)     In the event of the termination of service on the
                           Board by the holder of any such Option Rights, other
                           than by reason of disability or death, the then
                           outstanding Option Rights of such holder may be
                           exercised only to the extent that they were
                           exercisable on the date of such termination and
                           shall expire 90 days after such termination, or on
                           their stated expiration date, whichever occurs
                           first.

                  (v)      In the event of the death or disability of the
                           holder of any such Option Rights, each of the then
                           outstanding Option Rights of such holder may be
                           exercised at any time within one year after such
                           death or disability, but in no event after the
                           expiration date of the term of such Option Rights.

                  (vi)     If a Non-Employee Director subsequently becomes an
                           employee of the Corporation or a Subsidiary while
                           remaining a member of the Board, any Option Rights
                           held under the Plan by such individual at the time
                           of such commencement of employment shall not be
                           affected thereby.

                  (vii)    Option Rights may be exercised by a Non-Employee
                           Director only upon payment to the Corporation in
                           full of the Option Price of the Common Shares to be
                           delivered. Such payment shall be made in cash or in
                           Common Shares previously owned by the optionee for
                           more than six months, or in a combination of cash
                           and such Common Shares.


                                       9
<PAGE>


                  (viii)   Each grant may provide for the automatic grant of
                           Reload Option Rights to an Optionee upon the
                           exercise of Option Rights (including Reload Option
                           Rights) using Common Shares. Reload Option Rights
                           shall cover up to the number of Common Shares
                           surrendered to the Corporation upon any such
                           exercise in payment of the Option Price. Reload
                           Options may have an Option Price that is no less
                           than that which represents the same percentage of
                           the Market Value per Share at the time of exercise
                           of the Option Rights that the per share Option Price
                           represented of the Market Value per Share at the
                           time the Option Rights being exercised were granted
                           and shall be on such other terms as may be specified
                           by the Directors, which may be the same as or
                           different from those of the original Option Rights.

         (b)      Each grant or sale of Restricted Shares pursuant to this
                  Section 9 shall be upon terms and conditions consistent with
                  Section 6 of this Plan.

10.      TRANSFERABILITY. (a) Except as otherwise determined by the Board, no
         Option Right, Appreciation Right or other derivative security granted
         under the Plan shall be transferable by an Optionee other than by will
         or the laws of descent and distribution, except to a fully revocable
         trust of which the Optionee is treated as the owner for federal income
         tax purposes. Except as otherwise determined by the Board, Option
         Rights and Appreciation Rights shall be exercisable during the
         Optionee's lifetime only by him or her or by his or her guardian or
         legal representative. Notwithstanding the foregoing, the Board in its
         sole discretion, may provide for transferability of particular awards
         under this Plan so long as such provisions will not disqualify the
         exemption for other awards under Rule 16b-3.

         (b)      The Board may specify at the Date of Grant that part or all
                  of the Common Shares that are (i) to be issued or transferred
                  by the Corporation upon the exercise of Option Rights or
                  Appreciation Rights, upon the termination of the Deferral
                  Period applicable to Deferred Shares or upon payment under
                  any grant of Performance Shares or Performance Units or (ii)
                  no longer subject to the substantial risk of forfeiture and
                  restrictions on transfer referred to in Section 6 of this
                  Plan, shall be subject to further restrictions on transfer.

11.      ADJUSTMENTS. The Board may make or provide for such adjustments in the
         numbers of Common Shares covered by outstanding Option Rights,
         Appreciation Rights, Deferred Shares, and Performance Shares granted
         hereunder, in the prices per share applicable to such Option Rights
         and Appreciation Rights and in the kind of shares covered thereby, as
         the Board, in its sole discretion, exercised in good faith, may
         determine is equitably required to prevent dilution or enlargement of
         the rights of Participants or Optionees that otherwise would result
         from (a) any stock dividend, stock split, combination of shares,
         recapitalization or other change in the capital structure of the
         Corporation, or (b) any merger, consolidation, spin-off, split-off,
         spin-out, split-up, reorganization, partial or complete liquidation or
         other distribution of assets, issuance of rights or warrants to
         purchase securities, or (c) any other corporate transaction or event
         having an effect similar to any of the foregoing. Moreover, in the
         event of any such transaction or event, the Board, in its discretion,
         may provide in substitution for any or all outstanding awards under
         this Plan such alternative consideration as it, in good faith, may
         determine to be equitable in the circumstances and may require in
         connection therewith the surrender of all awards so replaced. The
         Board may also make or provide for such adjustments in the numbers of
         shares specified in Section 3 of this Plan and in the number of Option
         Rights to be granted automatically pursuant to Section 9 of this Plan
         as the Board in its sole discretion, exercised in good faith, may
         determine is appropriate to reflect any transaction or event described
         in this Section 11.

12.      FRACTIONAL SHARES. The Corporation shall not be required to issue any
         fractional Common Shares pursuant to this Plan. The Board may provide
         for the elimination of fractions or for the settlement of fractions in
         cash.

13.      WITHHOLDING TAXES. To the extent that the Corporation is required to
         withhold federal, state, local or foreign taxes in connection with any
         payment made or benefit realized by a Participant or other person
         under this Plan, and the amounts available to the Corporation for such
         withholding are insufficient, it shall be a condition to the receipt
         of such payment or the realization of such benefit that the
         Participant or such other person make arrangements satisfactory to the
         Corporation for payment of the balance of such taxes


                                      10
<PAGE>


         required to be withheld, which arrangements (in the discretion of the
         Board) may include relinquishment of a portion of such benefit.
         Participants shall also make such arrangements as the Corporation may
         require for the payment of any withholding tax obligations that may
         arise in connection with the disposition of shares acquired upon the
         execution of Option Rights. In no event, however, shall the
         Corporation accept Common Shares for payment of taxes in excess of
         required tax withholding rates, except that, in the discretion of the
         Committee, a Participant or such other person may surrender Common
         Shares owned for more than 6 months to satisfy any tax obligations
         resulting from any such transaction.

14.      PARTICIPATION BY EMPLOYEES OF DESIGNATED SUBSIDIARIES. As a condition
         to the effectiveness of any grant or award to be made hereunder to a
         Participant who is an employee of a Designated Subsidiary, whether or
         not such Participant is also employed by the Corporation or another
         Subsidiary, the Board may require such Designated Subsidiary to agree
         to transfer to such employee (when, as and if provided for under this
         Plan and any applicable agreement entered into with any such employee
         pursuant to this Plan) the Common Shares that would otherwise be
         delivered by the Corporation, upon receipt by such Designated
         Subsidiary of any consideration then otherwise payable by such
         Participant to the Corporation. Any such award shall be evidenced by
         an agreement between the Participant and the Designated Subsidiary, in
         lieu of the Corporation, on terms consistent with this Plan and
         approved by the Board and such Designated Subsidiary. All such Common
         Shares so delivered by or to a Designated Subsidiary shall be treated
         as if they had been delivered by or to the Corporation for purposes of
         Section 3 of this Plan, and all references to the Corporation in this
         Plan shall be deemed to refer to such Designated Subsidiary, except
         for purposes of the definition of "Board" and except in other cases
         where the context otherwise requires.

15.      FOREIGN EMPLOYEES. In order to facilitate the making of any grant or
         combination of grants under this Plan, the Board may provide for such
         special terms for awards to Participants who are foreign nationals or
         who are employed by the Corporation or any Subsidiary outside of the
         United States of America as the Board may consider necessary or
         appropriate to accommodate differences in local law, tax policy or
         custom. Moreover, the Board may approve such supplements to or
         amendments, restatements or alternative versions of this Plan as it
         may consider necessary or appropriate for such purposes, without
         thereby affecting the terms of this Plan as in effect for any other
         purpose, and the Secretary or other appropriate officer of the
         Corporation may certify any such document as having been approved and
         adopted in the same manner as this Plan. No such special terms,
         supplements, amendments or restatements, however, shall include any
         provisions that are inconsistent with the terms of this Plan as then
         in effect unless this Plan could have been amended to eliminate such
         inconsistency without further approval by the shareholders of the
         Corporation.

16.      ADMINISTRATION OF THE PLAN. (a) This Plan shall be administered by the
         Board, which may from time to time delegate all or any part of its
         authority under this Plan to a committee of the Board (or subcommittee
         thereof), consisting of not less than three Non-Employee Directors
         appointed by the Board of Directors, each of whom shall be a
         "Non-Employee Director" within the meaning of Rule 16b-3 and an
         "outside director" within the meaning of Section 162(m) of the Code. A
         majority of the committee (or subcommittee thereof) shall constitute a
         quorum, and the action of the members of the committee (or
         subcommittee thereof) present at any meeting at which a quorum is
         present, or acts unanimously approved in writing, shall be the acts of
         the committee (or subcommittee thereof).

         (b)      The interpretation and construction by the Board of any
                  provision of this Plan or of any agreement, notification or
                  document evidencing the grant of Option Rights, Appreciation
                  Rights, Restricted Shares, Deferred Shares, Performance
                  Shares or Performance Units and any determination by the
                  Board pursuant to any provision of this Plan or of any such
                  agreement, notification or document shall be final and
                  conclusive. No member of the Board shall be liable for any
                  such action or determination made in good faith.


                                      11
<PAGE>


17.      CORPORATION'S RIGHTS UPON OCCURRENCE OF DETRIMENTAL ACTIVITY.

                  Any Evidence of Award may provide that if a Participant,
either during employment by the Corporation or a Subsidiary or within a
specified period after termination of such employment, shall engage in any
Detrimental Activity, and the Board shall so find, forthwith upon notice of
such finding, the Participant shall:

         (a)      Return to the Corporation, in exchange for payment by the
                  Corporation of any amount actually paid therefor by the
                  Participant, all Common Shares that the Participant has not
                  disposed of that were offered pursuant to this Plan within a
                  specified period prior to the date of the commencement of
                  such Detrimental Activity, and

         (b)      With respect to any Common Shares so acquired that the
                  Participant has disposed of, pay to the Corporation in cash
                  the difference between:

                  (i)      Any amount actually paid therefor by the Participant
                           pursuant to this Plan, and

                  (ii)     The Market Value per Share of the Common Shares on
                           the date of such acquisition.

To the extent that such amounts are not paid to the Corporation, the
Corporation may set off the amounts so payable to it against any amounts that
may be owing from time to time by the Company or a Subsidiary to the
Participant, whether as wages, deferred compensation or vacation pay or in the
form of any other benefit or for any other reason.

18.      GOVERNING LAW. The Plan and all awards granted and actions taken
         thereunder shall be governed by and construed in accordance with the
         internal substantive laws of the State of Georgia.

19.      AMENDMENTS, ETC. (a) The Board may at any time and from time to time
         amend the Plan in whole or in part; provided, however, that any
         amendment which must be approved by the shareholders of the
         Corporation in order to comply with applicable law or the rules of any
         national securities exchange upon which the Common Shares are traded
         or quoted shall not be effective unless and until such approval has
         been obtained. Presentation of the Plan or any amendment thereof for
         shareholder approval shall not be construed to limit the Corporation's
         authority to offer similar or dissimilar benefits in plans that do not
         require shareholder approval.

         (b)      The Board also may permit Participants to elect to defer the
                  issuance of Common Shares or the settlement of awards in cash
                  under the Plan pursuant to such rules, procedures or programs
                  as it may establish for purposes of this Plan. The Board also
                  may provide that deferred settlements include the payment or
                  crediting of dividend equivalents or interest on the deferral
                  amounts.

         (c)      The Board may condition the grant of any award or combination
                  of awards authorized under this Plan on the surrender or
                  deferral by the Participant of his or her right to receive a
                  cash bonus or other compensation otherwise payable by the
                  Corporation or a Subsidiary to the Participant.

         (d)      In case of termination of employment by reason of death,
                  disability or normal or early retirement, or in the case of
                  hardship or other special circumstances, of a Participant who
                  holds an Option Right or Appreciation Right not immediately
                  exercisable in full, or any Restricted Shares as to which the
                  substantial risk of forfeiture or the prohibition or
                  restriction on transfer has not lapsed, or any Deferred
                  Shares as to which the Deferral Period has not been
                  completed, or any Performance Shares or Performance Units
                  which have not been fully earned, or who holds Common Shares
                  subject to any transfer restriction imposed pursuant to
                  Section 9(b) of this Plan, the Board may, in its sole
                  discretion, accelerate the time at which such Option Right or
                  Appreciation Right may be exercised or the time at which such
                  substantial risk of forfeiture or prohibition or restriction
                  on transfer will lapse or the time when such Deferral Period
                  will end or the time at which such Performance Shares or
                  Performance Units will be deemed to have been fully earned or
                  the time when such transfer restriction will terminate or may
                  waive any other limitation or requirement under any such
                  award.


                                      12
<PAGE>


         (e)      This Plan shall not confer upon any Participant any right
                  with respect to continuance of employment or other service
                  with the Corporation or any Subsidiary, nor shall it
                  interfere in any way with any right the Corporation or any
                  Subsidiary would otherwise have to terminate such
                  Participant's employment or other service at any time. Prior
                  to exercise of any Option Right, and prior to exercise,
                  payment or delivery pursuant to any other award, the
                  Participant may be required, at the Corporation's request, to
                  certify in a manner reasonably acceptable to the Corporation
                  that the Participant has not engaged in, and has no present
                  intention to engage in the future in, any Detrimental
                  Activity.

         (f)      To the extent that any provision of this Plan would prevent
                  any Option Right that was intended to qualify as an Incentive
                  Stock Option from qualifying as such, that provision shall be
                  null and void with respect to such Option Right. Such
                  provision, however, shall remain in effect for other Option
                  Rights and there shall be no further effect on any provision
                  of this Plan.

20.      TERMINATION. No grant (other than an automatic grant of Reload Option
         Rights) shall be made under this Plan more than 10 years after its
         adoption, subject to approval of this Plan by the shareholders of the
         Corporation at the 2002 Annual Meeting of Shareholders.


                                      13

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>4
<FILENAME>g77517exv5.txt
<DESCRIPTION>EX-5 OPINION OF JONES, DAY, REAVIS & POGUE
<TEXT>
<PAGE>
                                                                      EXHIBIT 5


                           JONES, DAY, REAVIS & POGUE
                              3500 SunTrust Plaza
                           303 Peachtree Street, N.E.
                          Atlanta, Georgia 30308-3242


                                 August 1, 2002


Atlantic American Corporation
4370 Peachtree Road, N.E.
Atlanta, Georgia  30319

Re:      Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to Atlantic American Corporation, a Georgia
corporation (the "Company"), in connection with the registration by the Company
of 2,000,000 shares of Common Stock, par value $1.00 per share ("Common
Stock"), to be issued in accordance with the Company's 2002 Incentive Plan (the
"Plan") pursuant to the Company's Registration Statement on Form S-8 filed with
the Securities and Exchange Commission (the "Registration Statement"), to which
this opinion appears as Exhibit 5.

We have examined such documents and records, including an examination of
originals or copies certified or otherwise identified to our satisfaction, and
matters of law as we have deemed necessary for purposes of this opinion. We
have assumed, without independent verification, the genuineness and
authorization of all signatures and the conformity to the originals of all
copies submitted to us or inspected by us as certified, conformed or
photostatic copies. Based upon the foregoing and subject to the qualifications
and limitations stated herein, we are of the opinion that the Common Stock
being registered has been duly authorized and, when issued in the manner
contemplated by the Plan, will be validly issued, fully paid and nonassessable.

Our examination of matters of law in connection with the opinions expressed
herein has been limited to, and accordingly our opinions herein are limited to,
the Georgia Business Corporation Code, including the applicable provisions of
the constitution of the State of Georgia and the reported judicial decisions
interpreting such law. We express no opinion with respect to the law of any
other state or jurisdiction.

We hereby consent to the filing of this opinion as Exhibit 5 to the
Registration Statement. In giving such consent, we do not thereby admit that we
are included in the category of persons whose consent is required under Section
7 of the Act or the rules and regulations of the Securities and Exchange
Commission promulgated thereunder.


                                    Very truly yours,


                                    /s/ Jones, Day, Reavis & Pogue
                                    -------------------------------------------
                                    JONES, DAY, REAVIS & POGUE


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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